Oil Prices Slip On US Crude Report

27 January, 2018, 16:46 | Author: Samuel Sharp

Thanks to a combination of broad-based USA dollar weakness, expectations for stronger global growth, ongoing production limits from OPEC and non-OPEC producers and signs that global crude markets are tightening, Brent crude - the global benchmark - now tops $70 a barrel, extending its rally from early 2016 to 161%.

U.S. benchmark West Texas Intermediate (WTI) oil was up 0.93 percent to $66.22 per barrel. It rose as high as $70.43 on Wednesday, setting a fresh three-year high.

The Energy Information Administration reported yesterday that overall oil production in the Untied States had hit 9.75 million barrels daily last week, up by 258,000 bpd from the previous week and a whopping 806,000 bpd from a year earlier. The oil for delivery in March was trading higher by Rs 70 or 1.69 per cent at Rs 4,201 per barrel in 114 lots.

The drop also comes at a time of synchronized global economic growth that is raising hopes about demand for oil.

Also supporting oil prices was a 0.7 per cent drop in the USA dollar after Treasury Secretary Steven Mnuchin's comments that a weaker currency was positive for American trade.

As Vivek Dhar, Mining and Energy Commodities Analyst at the Commonwealth Bank, points out, there's any number of factors out there to explain why crude prices continue to rally.

While the biggest threat to market stability is how quickly shale oil production will be back on line now that oil company coffers are filling up again, expectations are that demand for the black gold is not going to stop rising.

Gasoline inventories rose by 3.1 million barrels and stocks of distillate fuels, which include diesel, were up by 639,000 barrels.

In November 2016, the OPEC summit was held in Vienna, where OPEC members reached an agreement on reducing oil output by 1.2 million barrels per day.

World oil prices have renewed their highs since December 2014 amid the publication of data from the U.S. Energy Department on reducing raw material reserves in the country, the OPEC + agreement and the weakening of the dollar. While the OPEC cut agreements have been extended for a number of times now, the rising USA crude production during the second half of 2017 have offset the recovery of the oil prices sooner.

DBS Vickers Securities is maintaining its "overweight" stance on the oil and gas (O&G) sector given the recent oil price rally, which has driven up O&G stocks to directly benefit oil majors leading the rally.

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